Indonesia makes rapid headway in the World Bank’s Doing Business Index.
In the recently released ‘World Bank’s Doing Business Index’, Indonesia has climbed 19 positions. Moving from position 91 in 2017 to 72 for the 2018 edition, the country can be proud to take the title of being the country to have made the most headway compared to any other country in Asia Pacific in the last 12 years. Previously Indonesia occupied 114th position in 2014, 109th the following year, and then 91st in 2016.
Edging closer to President Joko Widodo’s aspiration to come 40th in the charts, the World Bank have cited a number of reasons for Indonesia becoming an even better place to do business. These include:
- A cut in property transfer fees.
- Easier access to credit due to a newly formed credit bureau.
- A reduction in business start-up fees.
- Lower electricity connection and wiring fees.
- Improved cross border trader with a better electronic billing system for tax, customs and excise.
These factors have enabled Indonesia to become one of top ten countries in the world to have such a marked improvement in the rankings. They believe the numerous reforms that have been introduced over the last four years since President Jokowi has been in power has contributed to this.
This improved rankings clearly illustrate that the government’s intentions are working. The Presidential Regulation set out to improve the business outlook for the country. They set about this by easing the licensing process. In a bid to entice investors to help boast the economy.
New Zealand has topped the recent rankings taking pole position. This is followed by Singapore, Denmark, South Korea, Hong Kong, the United States and the United Kingdom. Other countries in the region include Malaysia occupying 24th position, Thailand 26th and Vietnam also ahead of Indonesia in 68th. Both China and the Philippines are behind in 78th and 113th respectively.
